You’ve worked hard to build your business, but now it’s time to plan how to best exit the business. This can be a difficult time and the earlier you start planning the easier the process will be. Don’t wait till you are in trouble to think about an exit, rather think of it as a succession plan, or a successful transition. Everyone has different ideas about how they will exit their business but these are some of the issues that you should consider:
- Do I want to retain some ownership and/or control of the business?
- Do I want to remain involved with the business operations?
- Is this in a management consulting role?
- Do family members want to take over?
- Do I want to sell the business in the open market?
- Do I want to provide an opportunity for current management or employees to take on ownership?
- Is it worth liquidating the business?
- What should I be doing now to maximise the sale price?
- What is the best way to minimise tax on the sale of my business?
- How does my superannuation and other investments relate to my business?
- What about if I just want to walk away from the business. What do I need to do?
- What am I going to do after the business is sold?